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1/25/2018

ADEOSUN - NIGERIA CAN’T KEEP RELYING ON RISING OIL PRICES

Nigeria’s Finance Minister Kemi
Adeosun has said that Africa’s top oil producer is learning to ignore crude
prices.

“We’ve gotten to a point where we
don’t care,” whether oil prices will be sustained at the level that they have
recently risen to, Adeosun said during an interview in her office in the
capital, Abuja. “We’ve been able to balance our budget at $45-$46 per barrel
and we’ve got to learn to live comfortably at that level.”

Brent crude has rallied almost 60
percent since the middle of last year as OPEC and allied producing nations
stick to agreed output curbs. The global benchmark traded at about $70.80 a
barrel in London on Thursday morning. The country can’t afford to rely so much
on the commodity anymore, Adeosun said.

Nigeria, which derives about two
thirds of its revenue from crude, is seeking to diversify its economy. The
government’s efforts include pushing for agricultural expansion to reduce a
heavy food-import bill and boost exports. It is also seeking to plug an
infrastructure gap of $25 billion, Adeosun said.

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